Financial Intelligence Centre Act 2001 (Act No. 38 OF 2001)

The act exists to prevent money laundering, fraud, tax evasion, financing of terrorism & other related criminal activity that aims to misuse our financial systems. The Act requires certain accountable institutions such as Banks, Estate agents and Attorneys to validate and verify their client's identity before a business transaction can take place.

Estate Agents are Accountable Institutions in terms of FICA

BY LAW ESTATE AGENTS ARE REQUIRED TO:

Verify the Identity of any Buyer, Seller, Landlord or Tenant

Keep records of all transactions done

Report certain Information to FIC (Financial Intelligence Center)

ESTATE AGENTS ALSO HAVE THE RESPONSIBILITY TO:

Guard against crime and unlawful practices

Report alleged or attempted crimes and unlawful or unethical activities without protecting any party involved